HF Drill Press - How to improve Horsepower

I have never had a problem ording parts from HF Just called and ordered what I needed. Most of the parts I have ordered wher to use for somthing outher than the tool it is for.
 
I have a HF 5 speed Drill press and I cannot drill through steel with a bit size greater than 7/16. I pull out my Black and Decker hand drill and have no problem drilling up thru 1/2 inch.
The Drill press is running at 760 RPM and the hand drill at 750 RPM. The Drill press has a motor the size of a 1 gallon jug and the hand drill something the size a a fist.
Why is the drill press motor such a dog (document rated at 2.4 amp), while that smaller hand drill (tag rated at 5.5 amp) has plenty of power ?
How can I improve the drill press performance ?
I was also checking the HF 8x12 lathe motor and although much larger only is rated at 3/4 HP but is watt rated at 350 (which is 9/16 HP).
.39 hp = 290 watts = 2.4 amps
1/2 HP = 373 watts = 3.1 amps
3/4 HP = 559 watts = 4.6 amps (although the lathe tag says 8 amp 350 watts at 120 volts, which to not correct)

You don't say whether the belt is slipping or the motor is stalling. Which is it? The basic problem is the lack of reduction gears ("back gears") in the drill press as opposed to the hand drill. I have had two Asian drill presses with the intermediate pulley setup. Even with that, there is a problem with the belts slipping on the smaller pulleys, so you get a wider speed range but not necessarily adquate torque.

I's start by putting on a raw edge, "cogg" style belt. These often grip much better than the crappy belts that come with cheap import machines. And try using a pair of wooden wedges between the head casting and the motor mount to get some real tension on the belt. This could be all you need. If you go with the intermediate shaft you will also need good belts. And possibly more than two as the same lengths may not work for all the possible belt positions.

am
 
Unfortunately, my situation is a stall. I really appreciate the other info. I'm considering on making a hanger for an intermediate gear, so it can swing with the belt tension.
 
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